- After less than two years in the position
- Jean-Jacques Ruest taking over in the interim
- Search for a successor
(exechange) — Montréal, Québec, Canada, March 5, 2018 — Luc Jobin, chief executive of CN Rail, leaves. It is an abrupt change. As announced by Canadian National Railway Company in a news release on Monday, March 5, 2018, Luc Jobin leaves his post as Chief Executive Officer at the railway company after less than two years in the position, effective immediately.
No company wants a CEO to flame out in the first years.
CN Rail will undertake a search for a successor.
Jobin’s duties will be taken over in the interim by Jean-Jacques Ruest, most recently Chief Marketing Officer of Canadian National Railway Company.
“The company needs a leader who will energize the team”
Jobin’s sudden departure from the CEO post is explained as follows. Board Chairman Robert Pace said in a fairly biting statement: “The Board believes the company needs a leader who will energize the team, realize CN’s corporate vision and take the company forward with the speed and determination CN is known for.”
Precise information about Jobin’s future plans was not immediately available.
CN Rail said: “Luc Jobin is leaving CN effective immediately.”
Share price decline
The change follows a decline in the share price of Canadian National Railway Company since January 2018.
Chaired by Robert Pace
Canadian National Railway Company is chaired by Robert Pace.
In the position of CEO since 2016
Luc Jobin became President and Chief Executive Officer of CN in July 2016.
He joined CN as Executive Vice-President and Chief Financial Officer in June 2009, with responsibilities including financial management, strategic planning, information technology and corporate development.
Jobin has an extensive background as a business leader and senior executive within the transportation, manufacturing and investment industries.
Prior to his appointment at CN, he spent close to five years as Executive Vice-President of Power Corporation of Canada, an international management and holding company, where he was responsible for the company’s portfolio of diversified investments.
He also spent 22 years in a variety of financial and executive management positions with Imasco Limited and its Canadian tobacco subsidiary, Imperial Tobacco.
Jobin was President and Chief Executive Officer of Imperial Tobacco prior to joining Power Corporation of Canada in 2005.
Jobin is a Director of Reynolds American Inc., the parent company of the R.J. Reynolds Tobacco Company, since 2008.
He is also a board member of The Tolerance Foundation, an organization that strives to sensitize teenagers about the negative impacts of prejudices.
Jobin obtained his Chartered Accountant Accreditation from the Canadian Institute of Chartered Accountants in 1983.
He earned his Diploma in Public Accountancy from McGill University in 1982.
He is a native of Montreal, Quebec where he still resides with his wife and three daughters.
Read the full story in the exechange report 11.2018 ($).